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2010–11 Final Budget Outcome and Consolidated Financial Report 2010–11 Final Budget Outcome and Consolidated Financial Report Presented by the Honourable Jack Snelling M.P. Treasurer of South Australia CFr_FBO.indd 1 7/12/2011 1:03:08 PM Final Budget Outcome 2010−11 General enquiries regarding financial information papers should be directed to: The Under Treasurer Department of Treasury and Finance State Administration Centre 200 Victoria Square Adelaide 5000 SOUTH AUSTRALIA Copies may be obtained from: SERVICE SA Government Legislation Outlet Ground Floor EDS Centre 108 North Terrace Adelaide SA 5000 Website: www.treasury.sa.gov.au © Government of South Australia 2011 ISSN 1036-3807 Table of contents Introduction ..........................................................................................................................3 Chapter 1: 2010−11 Final Budget Outcome Overview......................................................................................................................................................... 5 General government sector operating results .................................................................................................. 8 Balance sheet indicators................................................................................................................................ 12 Contingent liabilities ..................................................................................................................................... 17 Chapter 2: Economic performance National economic performance for the year 2010−11................................................................................. 19 South Australian economic performance for the year 2010−11.................................................................... 19 Appendices Appendix A Uniform presentation framework tables................................................................................ 21 Appendix B Loan Council allocation report.............................................................................................. 41 Appendix C Consolidated Account........................................................................................................... 43 Appendix D General government and non-financial public sector financial statistics time series............ 51 Final Budget Outcome 2010–11 1 2 Final Budget Outcome 2010–11 Introduction The Final Budget Outcome for 2010−11 is published as the first section of a combined Final Budget Outcome and Consolidated Financial Report for the Government of South Australia. The Final Budget Outcome reports the 2010−11 financial results for the Government of South Australia’s key fiscal targets and provides an analysis of these results against earlier estimates. The Consolidated Financial Report presents the financial results for the general government sector and the whole of government in accordance with Accounting Standard AASB 1049. Chapter 1 provides an overview of the 2010−11 final outcomes with the focus on the general government sector financial outcomes and financial liabilities. The chapter includes: a discussion of variations between the 2010−11 final outcome for revenues and expenses of the general government sector and estimates included in the 2011−12 Budget public sector net debt and superannuation liability levels as at 30 June 2011. Chapter 2 provides an assessment of the performance of the South Australian economy in 2010−11. The appendices to this document provide the following information: Appendix A contains the Uniform Presentation Framework reporting for the general government sector, the public non-financial corporations sector, the non-financial public sector and the public financial corporations sector. Further information is also provided on general government sector taxation revenue, grant revenue and expenses, and expenses and capital expenditure by function. Appendix B details the Loan Council Allocation for 2010−11. Appendix C summarises the receipts and payments of the Consolidated Account. Appendix D provides a time series of financial statistics. This document provides explanation of variations between estimates included in the 2011−12 Budget and the 2010−11 outcome. Variations between the estimates included in the 2011−12 Budget and the 2010−11 Budget are discussed in the 2011−12 Budget Papers. Note 48 to the Consolidated Financial Report contains a list of controlled South Australian Public Sector agencies. Final Budget Outcome 2010–11 3 Introduction 4 Final Budget Outcome 2010–11 Chapter 1: 2010−11 Final Budget Outcome Overview The Government of South Australia recorded a net operating deficit of $53 million in 2010−11 for the general government sector. This represents an improvement from the net operating deficit of $427 million forecast at the time of the 2011−12 Budget. The improvement in 2010−11 compared with estimates in the 2011−12 Budget reflects: lower than anticipated other operating expenses and grants, primarily due to delays across a number of agency programs, in particular Commonwealth funded programs lower than forecast employee expenses, including lower Targeted Voluntary Separation Payments and delays in finalising enterprise bargaining agreements. The net operating deficit of $53 million in 2010−11 follows a surplus of $187 million that was reported in 2009−10. General government expenses declined by 1.8 per cent in 2010−11 in nominal terms. This reflects the lower than forecast expenditure as outlined above as well as the impact of the unwinding of the Commonwealth Government's fiscal stimulus measures. Revenue declined in nominal terms by 3.3 per cent. The net lending deficit was $1422 million in 2010−11, an improvement of around $400 million on the estimate included in the 2011−12 Budget, a result of the lower net operating deficit and lower than anticipated net capital expenditure. Net debt for the general government sector at June 2011 was $2930 million, $287 million lower than the level of debt estimated at the time of the 2011−12 Budget. The improved net debt position is principally driven by lower than forecast operating and capital expenditure. The ratio of general government sector net financial liabilities to revenue at 30 June 2011 was 95.3 per cent, higher than the estimate of 94.4 per cent in the 2011−12 Budget. The higher net financial liabilities to revenue ratio primarily reflects that the lower net debt position is more than offset by an increase in the unfunded superannuation liability. Net worth of the general government sector at June 2011 was $3.5 billion higher than estimated in the 2011−12 Budget, primarily reflecting the inclusion of a valuation for land under roads for the first time and revaluations of assets across government. Table 1.1 shows the 2010−11 outcomes for key general government financial indicators compared with earlier estimates and the 2009−10 outcomes. Table 1.2 and Table 1.3 provide reconciliations of variations between estimates and outcomes for net operating balance and net lending respectively. Final Budget Outcome 2010–11 5 Chapter 1: 2010–11 Final Budget Outcome Table 1.1: General government sector aggregates ($million) 2010−11 2010−11 Estimate at Estimate at 2009−10 2010−11 2011−12 2010−11 Outcome Budget Budget Outcome Revenue 15 534 15 086 15 087 15 017 Expenses -15 347 -15 475 -15 514 -15 069 Net operating balance 187 - 389 - 427 - 53 Net lending -1 092 -1 791 -1 821 -1 422 Memorandum items: ABS cash surplus -1 154 -1 773 -1 840 -1 520 Net debt 1 402 3 335 3 217 2 930 Unfunded superannuation 9 478 9 442 8 734 9 096 Net financial liabilities to revenue 84.9 100.1 94.4 95.3 Note: Totals may not add due to rounding. Table 1.2: Net operating balance ― policy and parameter variations ($million) 2010−11 Estimate at 2010−11 Budget - 389 Parameter and other variations Revenue — taxation - 13 Revenue — other 24 Operating expenses 50 Net effect of parameter and other variations 61 Policy measures up to the Budget Revenue — other - 9 Operating expenses - 32 Net effect of policy measures up to the 2011−12 Budget - 41 Policy measures in the Budget Revenue — other — Operating expenses - 93 Net effect of policy measures in the 2011−12 Budget - 93 Use of provisions set aside in the 2010−11 Budget and the 2010−11 Mid−Year Budget Review Operating expenses 34 Estimate at 2011−12 Budget - 427 Parameter and other variations Revenue — taxation - 14 Revenue — other - 57 Operating expenses 444 Net effect of parameter and other variations 373 Final outcome - 53 Note: Totals may not add due to rounding. 6 Final Budget Outcome 2010–11 Chapter 1: 2010–11 Final Budget Outcome Table 1.3: Net lending ― policy and parameter variations ($million) 2010−11 Estimate at 2010−11 Budget -1 791 Net effect of operating variations - 38 Investing variations(a) Net effect of parameter variations 10 Policy variations up to the 2011−12 Budget 4 Policy variations in the 2011−12 Budget - 6 Use of provisions set aside in the 2010−11 Budget and the 2010−11 — Mid-Year Budget Review Total investing variations 8 Estimate at 2011−12 Budget -1 821 Net effect of operating variations after the 2011−12 Budget 374 Investing variations(a) Net effect of parameter variations 24 Final outcome -1 422 Note: Totals may not add due to rounding. (a) Investing variations relate to the movements in the net acquisition of non-financial assets. Final Budget Outcome 2010–11 7 Chapter 1: 2010–11 Final Budget Outcome General government sector operating results The 2010−11 general government sector operating statement is presented in Table 1.4. A full set of financial
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